The updated 2018 figures are an attempt to overturn the 2017 valuation, after an independent panel deemed the it “flawed”, also criticising Universities UK and The Pensions Regulator.

Following the updated figures, USS have proposed a contribution rise of 28.7 per cent, made up of combined employer and employee contributions, down from the 36.6 per cent proposed under the 2017 valuation.

Deficit recovery contributions of 5 per cent would also be required.

Furthermore, changes including increasing the reliance at 20 years above £10bn in real terms, deferring the de-risking process, smoothing contributions over future valuation cycles and allowing for outperformance would “all fall outside the trustee’s risk appetite”.

Despite this, USS added that with appropriate level of contingent support, a contribution rate below 30 per cent could be acceptable.

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